Bitcoin Falls More Than 50% From Mid April High of Almost $65,000

Bloomberg Quicktake: Now published this video item, entitled “Bitcoin Falls More Than 50% From Mid April High of Almost $65,000” – below is their description.

Bitcoin’s tumble amid a broad crypto crackdown from China has pushed it below $30,000 for the first time since January, pulverizing its entire 2021 gain.

The original cryptocurrency has lost more than 50% from its mid-April high of almost $65,000. That compares with a gain of about 12% for the S&P 500 since the end of December. The coin started 2021 trading around $29,000 following a fourfold increase in 2020.

“Any meaningful break below $30,000 is going to make a lot of momentum players to throw in the towel,” said Matt Maley, chief market strategist for Miller Tabak + Co. “Therefore, even if Bitcoin is going to change the world over the long-term, it does not mean it cannot fall back into the teens over the short-term.”

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